US Department of Labor

Definition

The US Department of Labor (DOL) is a federal agency responsible for occupational safety, wage and hour standards, unemployment insurance benefits, reemployment services, and some economic statistics. It aims to promote the welfare of job seekers, wage earners, and retirees.

5 Must Know Facts For Your Next Test

1. The DOL publishes key economic indicators such as the Consumer Price Index (CPI) and the Employment Situation Report.
2. It oversees federal labor laws related to workers' rights including minimum wage, overtime pay, and workplace safety.
3. The Bureau of Labor Statistics (BLS), a part of the DOL, provides essential data on employment rates and inflation.
4. The DOL plays a critical role in setting policies that impact national employment rates and overall economic health.
5. It administers programs like unemployment insurance which are vital during economic downturns to stabilize the economy.

Review Questions

• What are two key economic indicators published by the US Department of Labor?
• How does the DOL contribute to workplace safety?
• Why is the Bureau of Labor Statistics important in macroeconomics?

Related terms

Bureau of Labor Statistics (BLS): A unit within the DOL responsible for collecting and analyzing labor economics data

Consumer Price Index (CPI): An index measuring the average change in prices paid by consumers for goods and services over time

Unemployment Insurance: A government program managed by the DOL that provides temporary financial assistance to unemployed workers